M.Y. Safra Bank Boosts Nationally Available 36-Month CD Rate


Deal Summary: 36-month MYSB Direct Online CD, 3.04% APY, $500 minimum deposit, new money.

Availability: Nationwide

More than five years ago, New York-based M.Y. Safra Bank (MYSB) began offering a limited number of Online Promo CDs. MYSB’s initial foray into internet banking led to the MYSB Direct Online CDs, which have been part of the product line for a couple of years. MYSB recently raised the rates on Direct Online CDs, with the 36-month (3.04% APY) offering the most competitive rate. A minimum of $500 of new money is required to open an Direct Online CD. (New money is defined simply as “funds from another institution.")

Update 7/8/22: A DA reader emailed me this excerpt from the Truth-in-Savings disclosure for M.Y. Safra CDs (M.Y. Safra does not provide the disclosures on its website.)

"EARLY WITHDRAWAL PROVISIONS. We will impose a penalty if you withdraw any or all of the deposited funds before the maturity date. The fee imposed will equal 90 days of interest. If interest earned during the term is greater than 3 months, penalty will equal all interest earned."

Note, the Early Withdrawal Penalty (EWP) is 90 days of interest ONLY during the first 90 days. After 90 days, the EWP equals all interest earned. This is a very harsh EWP.

According to CSR, the Early Withdrawal Penalty for any of the MYSB Direct Online CDs is 90 days interest.

Funding can be done by ACH or wire transfer. Maturing funds will be distributed by check to the address on file or by wire ($20 fee).

Unlimited beneficiaries can be named, with Social Security numbers required for each beneficiary.


Headquartered in New York City, M.Y. Safra Bank came into being when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob E. Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Promo CDs can be opened by “U.S. natural persons depositing new funds” and must be opened online.

Bank Overview

M.Y. Safra Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.07% (excellent), based on March 31, 2022 data. In the past year, MYSB has increased its total non-brokered deposits by $48.44 million, an excellent annual growth rate of 20%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

Currently the 86the largest bank headquartered in New York, M.Y. Safra Bank has assets in excess of $373 million. Although MYSB opened its doors in 2013, the Safra family has been associated with banking for far longer.

For centuries, the Safra name, meaning gold, has been synonymous with sustained trust and reliability. The Safra family first rose to prominence while financing 19th century trade to Asia, Africa, the Americas, and Europe. The patriarch of the contemporary Safra dynasty, Jacob E. Safra, began working at age 13 under the tutelage of his uncle at Safra Frères & Cie., headquartered in Aleppo, Syria. In 1920, he established his own bank in Beirut, Jacob Safra Maison de Banque, marking the first step in extending the Safra legacy of prudent banking practices to the four corners of the world.

Jacob E. Safra’s son, esteemed banker and financier Edmond J. Safra, advanced his family’s legacy by founding a world renowned bank in Switzerland before arriving in New York in the early 1960s to establish what became Republic National Bank. Within twenty years, Republic grew to be one of America’s largest banks. Having successfully built a global network of banking excellence, he championed the Safra family principles of discretion and service in every institution that he built.

Although the bank's name looks like “My Safra Bank”, it actually refers to Moise Y. Safra, Jacob E. Safra’s second son, a legendary Brazilian banker.

How the 36-month MYSB Direct Online CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the M.Y. Safre Bank 36-month MYSB Direct Online CD. The following tables compares the 36-month MYSB Direct Online CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 6/10/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
I would say to wait for the Fed to raise rates this week before committing. I think these CD rates are going up big time with inflation at 9%.
  |     |   Comment #2
If inflation is 9.83% I would want a lot more.
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Deal Summary: 12-month Online Promo CD, 2.51% APY, $5k minimum deposit, new money.

Availability: Nationwide

In its first internet banking foray, M.Y. Safra Bank (MYSB) introduced its Online Promo CDs in March 2017. In the past 16 months, the Online Promo CD APYs have continued to rise, with the 12-month seeing the most rate increases (21) and the greatest gain (115 bps). The most recent rate increase occurred yesterday when MYSB added five bps to the 12-month Online Promo CD (2.51% APY). A minimum...

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M.Y. Safra Bank Ups 12- and 60-Month Online Promo CDs
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Availability: Nationwide

M.Y. Safra Bank (MYSB) introduced its Online Promo CDs in March 2017, as the Bank ventured into internet banking. MYSB marked the first anniversary with modest rate increases across the board. A month later, MYSB has raised the rates on the 12-month (2.21% APY) and 60-month (2.88% APY). A minimum of $5k of new money is required to open any of the Online Promo CDs.

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Availability: Nationwide

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M.Y. Safra Bank Increases Online Promo CD Rates
Deal Summary: Online Promo CDs – 12-month (1.90% APY), 18-month (2.06% APY), 24-month (2.02% APY), 36-month (2.32% APY), $5k min deposit, new money.

Availability: Nationwide

Ten months ago, M.Y. Safra Bank unveiled its new Online CD Specials, as part of the Bank’s venture into internet banking. Re-branded as “Online Promo CDs,” they continue to offer competitive rates, while still requiring a minimum opening deposit of $5k of new money. M.Y. Safra Bank raised the rates on four of the Online Promo CDs today, with...

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M.Y. Safra Bank Ups 1-Year Online CD Special
Deal Summary: 1-Year Online CD Special, 1.70% APY, $5k min/$250k max, new money

Availability: Nationwide

I wrote this piece on Friday morning, after seeing that M.Y. Safra Bank (MYSB) had raised the rate on its 1-Year Online CD Special to 1.76% APY. As I was proofing my blog post, I double-checked MYSB’s website and saw that in the two hours since I began writing, the rate had been changed to 1.70% APY. My first thought was that an error had been made and was subsequently...

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